Truly Crypto 101
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Truly Crypto 101

Why are Stablecoin Issuers Launching Stablecoins Pegged to Different Fiat Currencies?

Stablecoins pegged to EUR and GBP have emerged recently. Circle, the issuer of USDC, launched EUROC in June, which is pegged to EUR; later in July, Tether launched GBPT, a stablecoin pegged to GBP at 1:1. People are most familiar with stablecoins pegged to USD, such as USDT, USDC, TUSD, and BUSD, which are dominating the stablecoin market. The launch of stablecoins pegged to other currencies by these two top issuers is clearly sending some message to the market.

A market demand always exists for stablecoins pegged to other currencies:

Growing practicability of the stablecoins and various laws regulating them in multiple countries mean that stablecoins pegged only to USD cannot serve all demands in the market. As a result, stablecoins pegged to other fiat currencies have been launched for users in different countries/regions using different currencies. This explains why Circle and Tether made the moves mentioned previously.

As early as 2019, TrustToken already launched stablecoins pegged to other fiat currencies, including TGBP (pegged to GBP), TAUD (pegged to AUD), TCAD (pegged to CAD), and THKD (pegged to HKD). These stablecoins follow similar legal and technical standards as TrueUSD and hold collateralized funds in third-party escrow accounts. Users may check these stablecoins’ auditing reports 24/7 on TUSD’s website.

Taking TrustToken’s stablecoins pegged to various fiat currencies as examples, Truly is to discuss the value of these stablecoins in the crypto market. Hopefully, such a discussion may help you understand the other side of the market in depth.

A discussion on stablecoins pegged to different fiat currencies

TUSD and other USD-pegged stablecoins

Today, USD-pegged stablecoins (e.g., USDT, USDC, and DAI) are still the major players in the crypto market. While USDT is the stablecoin with the largest market cap (currently about $65 billion), it is probably also the most controversial one.

On the other hand, as the first fully collateralized digital asset attested by an independent agency, TUSD has a market cap of over $1.2 billion, the highest in TrustToken. Now deployed on 11 major public chains, it actively participates in top DeFi ecosystems on these chains. TUSD is attested to in real-time by Armanino, one of the largest American accounting firms, to ensure the 1:1 ratio of its USD reserve to the circulating token supply and the 100% collateral rate. An important bridge between cryptocurrencies and fiat currencies, TUSD continuously creates value for users. Holding TUSD is highly recommended.

TGBP and other stablecoins pegged to GBP

A stablecoin pegged to GBP, TGBP has a circulating supply of 47,547,015, ranking the second biggest stablecoin launched by TrustToken in terms of circulating supply volume after TUSD. GBP once again became a hot topic in the world after Brexit and other political incidents. Moreover, the British government announced in April that it would legalize stablecoins as a viable payment method as part of a bigger bid to make the country a center for global crypto technology and finance. UK’s then Economic Secretary to the Treasury John Glen announced a series of measures, including introducing certain stablecoins into the British payment framework, so that stablecoin issuers and service providers could develop and expand in the UK.

In addition to TGBP, other stablecoins pegged to GBP include GBPX, LBXPeg, and, most recently in July, GBPT issued by Tether. The British government likes to see more cryptocurrency companies in the country for more job opportunities, while it provides companies and investors with long-term confidence they need by creating an effective regulatory regime. Standing at the crossroads of the present and future, with the ongoing political shifts and economic policies, demands for stablecoins pegged to GBP will continue to increase.


The circulating supplies of TAUD, TCAD, and THKD issued by Trust Token are 39,192,573, 20,778,050, and 3,734,510, respectively. As major fiat currencies in circulation worldwide, AUD, CAD, and HKD are undoubtedly highly in demand. Finder’s Research in July 2021 shows that about one-sixth (17%) of Australians own cryptocurrencies. It is noteworthy that more than a third (35%) of Australians believe that Bitcoin will eventually be more widely traded than fiat currencies. That figure is as high as 52% among Gen Zs. There is clearly a conviction, especially for young users, that Bitcoin will inevitably be the future of money.

Stablecoins pegged to other fiat currencies

Though the overall crypto market is slowing down, stablecoin ecosystems continue to grow. In addition to the non-USD pegged stablecoins mentioned previously, there are stablecoins pegged to other fiat currencies in the market. For example, stablecoins pegged to EUR include EURT, EURST, PAR, and newly introduced EUROC; others include CNHT, pegged to the Chinese yuan, MXNT, pegged to the Mexican peso, etc. The emergence of a growing number of stablecoins pegged to different fiat currencies not only meets the market demands but, more importantly, helps boost the value of the crypto sector and create broader use cases.

The significance of stablecoins pegged to other fiat currencies

Stablecoins allow users to earn stable interest, higher than any of those available in the conventional markets, at low risk. As more institutions and users pour into the crypto market, the stablecoins pegged to various fiat currencies may meet the growing needs and help drive the adoption of stablecoin assets on a large scale.

Stablecoins pegged to the highly liquid assets circulating worldwide, including GBP, AUD, CAD, and HKD, provide easier access for users using different fiat currencies, create opportunities for the foreign exchange markets of USD and EUR, and serve as an entry point to the broader ecosystem of distributed finance. Meanwhile, the growing technology and practicality of stablecoins will bring the most liquid stablecoins to every global market.

Similar to the USD-pegged stablecoins, these stablecoins can be used in DeFi ecosystems and traded on major exchanges. However, only a limited number of DeFi projects and exchanges support these non-USD-pegged stablecoins for now.




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TUSD is the world’s most trusted stablecoin, fully backed by USD and independently attested live and on-chain, now moving billions of dollars around the world.